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Legally Take Home 100% of your Earnings

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    Legally Take Home 100% of your Earnings

    1. Become self-employed
    2. Take earnings of say £5400 per annum so that you are below the tax threshold
    3. Put all remaining income into a pension scheme.

    Upside - you will be very rich when you retire
    Downside - you will have a very boring life for many years trying to live on £103.84 per week. Possibly you may starve and/or be forced to live in a cardboard box.

    OK, how about 85%. As above but you will have slightly more to live on OR you will need to spend 50% of your income each week on business expenses. Alternatively you could lie about your expenses, claim 50% of your income anyway and then expire early having worried yourself to death for many years about the prospect of being bankrupted by HMR&C when they find out what you have been doing.

    OK, how about 80-85%. As above, but forget the expenses and use a dodgy offshore scheme instead - for more information about the wonderful financial incentives surrounding this scheme please see any threads on this site with BN66 in the title.

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    #2
    OK, how about: having a business that distributes it's products over the net, moving the whole operation to one of the tax-havens with 0% and keep everything you earn.

    N.B. Not that it's anything like what I do. I am purely in the UK to receive medical treatment and not working in anyway.
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      #3
      Originally posted by LisaContractorUmbrella View Post
      1. Become self-employed
      2. Take earnings of say £5400 per annum so that you are below the tax threshold
      3. Put all remaining income into a pension scheme.
      Not a bad idea as you get older though, especially as you can take a 25% tax free lump sum once you are over 55.

      It would work pretty well for employees too, except for NICs.

      Comment


        #4
        Legally take home 110% of your earnings....

        Join an umbrella that promises 85% then go out and steal enough to make up the extra 25%.

        Simple......

        Comment


          #5
          Originally posted by DonkeyRhubarb View Post
          Not a bad idea as you get older though, especially as you can take a 25% tax free lump sum once you are over 55.

          It would work pretty well for employees too, except for NICs.
          I'm pretty sure that pension contributions come out pre NICs as well, so the plan would work - assuming you can live on the peanuts.

          Comment


            #6
            Legally Take Home 100% of your Earnings

            Be a very rich person like most top business dudes.

            Comment


              #7
              I operate through my own limited. I am an employee, and so is my wife. I am the sole shareholder.

              I take home 100% of my current earnings, and have done for the past three months.

              This is 100% legal - there is a dead easy, no-quibble way to do this. HMRC can't catch me - there is no scam, there is nothing offshore. And none of it goes into a pension pot.

              You just need to know exactly what you are doing.
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                #8
                Originally posted by TheFaQQer View Post
                You just need to know exactly what you are doing.
                My guess is not a lot?

                Comment


                  #9
                  Originally posted by TheFaQQer View Post
                  I operate through my own limited. I am an employee, and so is my wife. I am the sole shareholder.

                  I take home 100% of my current earnings, and have done for the past three months.

                  This is 100% legal - there is a dead easy, no-quibble way to do this. HMRC can't catch me - there is no scam, there is nothing offshore. And none of it goes into a pension pot.

                  You just need to know exactly what you are doing.


                  You are Phillip Green - I claim my £5 Burtons tokens...

                  Comment


                    #10
                    Originally posted by TheFaQQer View Post
                    I take home 100% of my current earnings, and have done for the past three months. This is 100% legal - there is a dead easy, no-quibble way to do this. HMRC can't catch me - there is no scam, there is nothing offshore. And none of it goes into a pension pot. You just need to know exactly what you are doing.
                    Ya boo sucks to you! I've been doing that since April. (using the same scheme )
                    My all-time favourite Dilbert cartoon, this is: BTW, a Dumpster is a brand of skip, I think.

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